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RT
Jan 3, 2013 4:30pm EST
as this is when congress must deal with the debt ceiling and those seaquest ration spending cuts this shouldn't come as a major revelation so in the meantime from tax hikes to trillion dollar coin ideas edward harrison is here to discuss what is likely to be the fallout from what he calls the fiscal cliff left and les miserables it is a hollywood blockbuster meant to show off a list actor singing chops or is it actually a valuable lesson in the economic misadventures of stated them very relevant today while jeffrey tucker argues the latter will hear why business week's cover feature is babies crying on capitol hill but what about a study that finds babies born during recessions are more likely to be delinquent teens no word on what happens if they get elected to office we'll have more in loose change plus we'll talk sped minutes an inflationary dragons' let's get to today's capital account. nouriel roubini has an op ed in the financial times today saying the deal reached in washington on new year's day kept the u.s. from falling off the you know what however given the dysfunctional na
CNBC
Jan 2, 2013 4:00am EST
ceiling. >> we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> nbc's steve handelsman has been following the latest developments out of washington. >> reporter: the democrats and republicans up here on capitol hill, the president down at the white house, all know this may have been a magic moment. as tough as it looked, as awful as it looked to many in the u.s. and overseas, this might be the most cooperation we see on any taxes and spending dispute, at least in the next few months. just getting this far has been a long journey. president obama, who incidentally speaking of journeys came back here to washington for this fight and is already headed back to where he was which is a family vacation in hawaii. he campaigned for the better part of a year, won the presidency, promising tax hikes on individuals making $200,000 a year and more, and settled for double that, $400,000. congressional republicans have held the line
FOX Business
Jan 1, 2013 10:00pm EST
congress's duty is to pass the debt ceiling and pass it clean debt ceiling index because basically what the debt ceiling is authorizing the spending for the arra wing that corresponds to the spending that congress approves. republicans want to use that as an opportunity to say look this is a reminder of how much money we are spending and we need to get that spending under control so already you have this debate again, republicans with an exact number of corresponding cuts in the debt ceiling in the white house telling congress to just raise the debt ceiling. that will be the next the next vitamin e look at what treasury has put out, technically the federal government has hit its debt ceiling. what the treasury can do is, treasury does a lot with the reinvesting of certain payments in certain retirement funds. i can hold off many of those reinvestment and use that money for the federal government to spend. $200 billion of debt the treasury can exceed the debt ceiling. normally that takes a couple of months, $200 billion, two months of federal deficit spending in this case because there's so
NBC
Jan 3, 2013 4:00am EST
as you mentioned including the debt ceiling and the deficit. 113th congress takes its oath this afternoon with 56 new democrats, 38 new republicans and a record number of women. the youngest, hawaii yaes kelsey gabbert, a 31-year-old iraq war vet and the first hindu ever elected. john boehner is expected to be relegislated speaker today but 17 conservatives could derail that. he's already announced the first order of business a vote friday to provide billions to victims of superstorm sandy. >> the bottom line is between friday morning and january 15th, those two votes will bring in $60 billion that's absolutely necessary for new york, new jersey and connecticut. >> reporter: also tops on their agenda, raising the debt ceiling so america can borrow more to pay its bills. republicans will imsift on cutting spending first. >> the president is addicted to spending. he wants to spend. he wants a new credit card after he's maxed out the last one. >> president thinks he's not going to negotiate. he better think again. he's president of the united states. >> reporter: the last time cong
CBS
Jan 2, 2013 5:00pm PST
, too with the debt ceiling. >> reporter: the last time congress fought over the debt ceiling, america's credit rating was downgraded. and the debt and spending cuts are issues the next congress will have to deal with. new members will be sworn in tomorrow. live on capitol hill, danielle nottingham, cbs 5. >>> they may not be happy in d.c. but they are thrilled on wall street. stocks surged in the new year after lawmakers reached their deal. the dow was up more than 300 points its biggest one-day gain in six months. the nasdaq and s&p were also up dramatically. >>> the cost of going green is going up because we're so good at recycling. we're being punished in a sense. many bay area cities have recently raised garbage rates and others are thinking about it. cbs 5 reporter da lin on what's behind the increases. >>> reporter: you can almost say recology is a victim of its own success. the san francisco trash hauler claims customers are recycling more and throwing away less and that's cutting into its bottom line. recology wants to increase both commercial and residential rates. t
MSNBC
Jan 3, 2013 2:00am PST
emperor of the planet. >> reporter: the last time the congress fought over the debt ceiling, we saw the first credit downgrade. >> it may take another downgrade, a default, the serious economic consequences that flow from it to jolt us back to some kind of reality. >> reporter: a new congress with old issues still undecided. and on a short deadline, too. it looks like we could hit that debt ceiling if a few weeks again. >> tracie potts, thank you very much. >>> house speaker john boehner has come under fire for his handling of the fiscal cliff talks and for postponing the sandy aid talk last week. we asked if the country would be better off with someone else as speaker? >> the hard right with the money machine and with the way they control the messaging and even their wing of the media has such a grip on this party that i'm afraid it's going to take a while before the republicans themselves come to their senses. i don't think it's the person who's there. boehner, by all reports, is more moderate than just about anyone else in that leadership, more mod ran than kantor or mccarthy or paul
ABC
Jan 2, 2013 6:00am EST
march, another round of fighting as congress tackles the debt ceiling. reporting live, sherrie johnson. >> after this happened maryland congressman andy harris released a statement in part reading, i oppose this legislation that increases taxes on 77% of people in my district. and here's why congressman harris says the deal actually raises taxes on most americans. that deal prevented an increase on income taxes but you will have to pay more coming out of your paycheck. that's because this deal didn't extend to the payroll tax holiday which means someone earning 50,000 dollars a year will pay about 1,000 dollars more a year in social security taxes. >>> an update for you on the condition of secretary of state hillary clinton. she remains in new york hospital after a blood clot was discovered in a vein between her brain and skull. a doctor not involved with this case talked about the secretary of state's recovery. >> she should refrom this. she will be treated with blood thinners i can't say how long because i don't know all circumstances but minimum of 3 to 6 months may be longe
ABC
Jan 2, 2013 11:00am PST
that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they will go back to school tomorrow. an open house was held this morning at a school in nearby monroe. they have refurbished it and making the classrooms look just like those in sandy hooks. they brought in desks and backpacks to make the kids feel at home. >> prince william had to go away from his family for. she is back in the picture of courage.
CBS
Jan 2, 2013 12:00pm EST
and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing i think that hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the president will be trying to reach a debt ceiling deal with a new congress. winners from the november election will be sworn in tomorrow. tara mergener for cbs news, capitol hill. >>> it is a small step to getting our fiscal problems in order, but only for a couple of months. the stopgap measure appears, however, to be having a positive effect on wall street. the dow above 200 points and both the nasdaq and s&p 500 are up. of course there is reaction from taxpayers. our surae chinn is on capitol hill with more information. >> very dysfunctional. >> it's exciting. it's a little frustrating there's some kicking of the can. > reporter: even those who work and live close to capitol hill are frustrated at the pr
FOX Business
Jan 3, 2013 12:00am EST
congress would have to pass something to increase the debt ceiling. you know on january 1st, everyone's taxesere going to go up, all across the country. what we did, we made permanent the bush tax cuts for 99% of americans. they couldn't even make them permanent when bush was president himself. so i think that is a big victory for 99%. certainty there. as well as for the farmers and ranchers and small business owners in wming. the death tax was supposed to hit at levels over a milliin dollars. now it is over $5 million. that means a lot to folks back home. melissa: want to get you ready for the debate ahead. already the democratic talking points are coming out saying not raising the debt ceiling is irresponsible. the bill has come due and i will refuse to pay it. how do you respond to that logic? >> well that what the president said too. i'm not going to get into this argument again money that the congress that congress already racked up. this is money the president racked up. one is is health care law that continues to be unworkable. i say this as a doctor. it is very unpopular a it is
FOX Business
Jan 2, 2013 5:00pm EST
to congress to request an increase in the debt ceiling, we added over a trillion dollars to the debt in the last year and he is going to want to do that again. he has maxed out the credit card. he wants a new credit card. he actually asked for one as part of this fiscal cliff deal without even a credit limit at all. senate said no to that. that is coming up in two months. melissa: is that leverage you have going forward. >> absolutely the leverage we have. melissa: this is where you draw the line. a lot of people are saying republicans caved that you had the leverage but everyone gave in in order not to go over the cliff but you think you have leverage to get something real done? >> much more leverage on the debt ceiling because congress would have to pass something to increase the debt ceiling. you know on january 1st, everyone's taxes were going to go up, all across the country. what we did, we made permanent the bush tax cuts for 99% of americans. they couldn't even make them permanent when bush was president himself. so i think that is a big victory for 99%. certainty there. as w
PBS
Jan 3, 2013 6:30pm EST
president coa gress cot congress continue negotiating raising the nation's debt ceiling. geithner is the only remaining original member of president obama's economic team. the federal reserve is looking to end its bond buying programs this year, but there's no agreement as to when. minutes of the central bank's december meeting released today, show division among policymakers about when to stop the strategy. the federal reserve has been buying $85 billion worth of government mortgage-backed bonds per month in its effort to drive down long term interest rates. some on the fed want to stop,ng "well before the end of 2013." that sent stocks lower, the dow closed down 21 points, the nasdaq lost almost 12, and the s&p fell three points. >> susie: jobs were also a big topic for investors today. american companies stepped up hiring in december according to a private payrolls report. a.d.p. says 215,000 jobs were added to private payrolls last month, it also revised its november numbers higher. tomorrow we'll get a more complete picture of the job market when the government releases the d
ABC
Jan 2, 2013 6:30am EST
congress tackles the debt ceiling. sherrie johnson, abc2 news. >>> immediately after commenting on the house vote the president headed to andrews air force base in maryland and this is new video from overnight where he boarded the plane to fly to hawaii to rejoin his family. obama spent five days there before returning to the white house last thursday. >>> changes are coming to the health care for the coming year of 2013 the main is health insurance exchanges. they must be up and running by october 1st. only 18 states including maryland on thed to build their exchange. other things you need to watch out for, contributions to a flexible spending account is limited to 2500 dollars. you're allowed to deduct more unreimbursed medical cost when you file taxes but for that you have to itemize. >> 6:47. going back to school tomorrow could be tough for students and staff of sandy hook elementary. they are going back to class and they he won't return to the same building but will go to another school in a nearby town. desks and belongings after the shooting were placed in the classroom. an open
MSNBC
Dec 31, 2012 8:00pm PST
hits that debt ceiling, and congress has to vote whether to raise it or not. and the sequester, when they come due, when mandatory spending cuts take effect, remember, they are delaying them for two months, and we will have another huge battle on our hands, and at that point, we will have more leverage, more distance between now and the election and the debt ceiling, because the united states could be default unless the president decides to raise it. it will take an act of congress to raise the debt ceiling. that's what we're looking at in the short term, whether the republicans can get this passed out of the house of representatives tomorrow or the following day, and two months down the line, because the deal they struck tonight, milissa, carries the seeds of further confrontation, bigger confrontation, one more thing, joe biden when he left the meeting stopped by the pool camera outside the senate chamber and said it will be a tough vote. never predict how the senate or house will vote. he asked what was his selling point to democrats? and his one word answer? me. milissa. >> let's
FOX Business
Jan 2, 2013 1:00pm EST
amendment allowing him to raise the debt ceiling without the approval of congress. >> right. >> why, then, are you so confident we need to raise the debt ceiling without getting cuts? why would you be satisfied is the question? >> see, i actually think whether it's republicans or democrats, we both grand standed on the debt ceiling, but it's a bogus issue. you buy a refrigerator, it's on the credit card, and the bill comes at the end of the month and it's above the self-decided limit on how much you'll pay on a credit card so congress is really pretty irresponsible in playing with the debt ceiling. a lot of collateral damage to the economy, but, in fact, congressional policy that preexisted when the debt ceiling hits, all required the spending to then be accommodated with the debt ceiling. >> what's the purpose of havinga debt ceiling? colleagues say u.s. is in danger of going the way of greece right now with being extremely over leveraged and experiencing credit shock with sky high interest rates, which to me personal surprise, we have not seen yet. higher today, but because there'
CBS
Jan 2, 2013 4:00am EST
ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >>> while markets react positively to the fiscal cliff deal, and wall street is poised for a big day. but how else will the agreement affect your wallet? >>. >>> and a rose parade reunion. an american soldier home from afghanistan surprises his family in front of thousands of spectators and millions watching at home. captioning funded by cbs >>> this is the "cbs morning news" for wednesday, january 2nd, 2013. good morning, everyone. i'm terrell brown. >>> the economy avoided the fiscal cliff but just barely. the house late last night passed the senate bill that avoids the tax hikes and spending cuts expected to start this year. they raised the incomes of those over $400,000. it raises taxes on the portions of estates that exceeds $5 million, long-term unemployment benefits have been extended, and across-the-board spending cuts have been put on hold for two months. tara mergener is in washington with more. tear are, good morning to you. >> good mor
CNBC
Jan 2, 2013 4:00pm EST
to that debt ceiling discussion that congress is going to have which probably is going to be pretty ugly. >> yeah. i'm not too worried about march. i was more worried about getting the fiscal cliff because if, you know, nothing was done, we were hit with really high taxes everywhere. i just can't believe either the republicans or the democrats are going to stop government so that the social security checks cannot get printed up and sent to people. i think there's going to be a game of chicken, but at the end they are going to sign it. i don't think there's going to be a debt downgrade. you know, i didn't think that the downgrade of the s&p two years ago was real justified to begin with, so i'm not as worried about march. i -- i think this could be a 20% plus year for the dow and the s&p because i see that all the liquidity that the fed has produced, i think it's finally going to be flowing into the market, into the economy, into spending, and bonds, you know, which for a long time i've been saying, you know, interest rates are heading higher. i think this is the year where people fi
KOFY
Jan 2, 2013 11:30am PST
debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they will go back to school tomorrow. an open house was held this morning at a school in nearby monroe. they have refurbished it and making the classrooms look just like those in sandy hooks. they brought in
CNN
Jan 2, 2013 6:00am PST
then you have the debt ceiling negotiations so you're seeing a congress here that needs some real closers and real leadership to try to figure out how to get over these very, very big important fiscal challenges ahead. you've heard a lot of people say we're out of this era of the grand bargain, the era of the grand bargain is dead. you'll have fist fights over narrow parts of legislation and that's going to mean all the political chaps of every person in congress will be tested over the next few months. >> we've got three big deals that will happen going into february and march. does it look like this will be the play for the white house as we move forward? are we going to start in the same place we started 11 months ago with the debt ceiling with boehner and the president trying and sending in joe biden at the last minute to close? >> reporter: i don't know if we're going to be seeing that. sternly the white house isn't saying that. we know we'll see drama over this. spending cuts were deferred for two months, the debt ceiling has to be dealt with. president obama wants to deal w
CSPAN
Jan 3, 2013 10:00am EST
republicans in congress agree to raise the debt ceiling maybe in exchange for spending cuts. we saw that in 2011. the obama administration says they're not playing that game anymore. they have some type of plan to raise the debt ceiling and go around the congress. they're not revealing detifles it but that that's going to be the big fight, the debt ceiling fight in a couple of months. host: we're talking with bob cusack on the open dage of the 113th congress. we want your questions and congressmens, democrat, 202-585-3880, republicans 202- 585-3881. let's get the first call, michael. caller: i'm an professor in an m.b.a. program, i have students from 48 country, i have a pretty good perspective. the situation here, by the way, i teach present value accounting. i see very, very few accountants in the house of representatives. but let me give you an observation, you're concentrating on cutting the medical care in the united states. now, the united states is listed 49th in life expectancy. that's an area you don't want to cut. now the next thing is, you've got china growing at 10% per year,
CBS
Jan 2, 2013 12:00pm PST
increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the payroll tax holiday expired. that means less money in most people's paychecks. the bill did not address that. on capitol hill, i'm tara mergener for cbs 5. >>> and stocks shot up sharply this morning on the first day of trading in 2013 jumping more than 200 points at the open. it is wall street's biggest rally in six months. things are still looking good at this hour. they are up about 237 points. now, economists caution that this euphoria in the markets could be short-lived as lawmakers now have to agree on the debt ceiling. >>> victims of superstorm sandy will have to wait for the next session of congress to get federal aid. that is unless house speaker john boehner calls cong
CBS
Jan 2, 2013 6:00pm PST
over and that's really scaring me, too with the debt ceiling. >> reporter: the last time congress fought over the debt ceiling, america's credit rating was downgraded. danielle nottingham, cbs news, washington. >>> stocks soared after congress passed the budget deal. the dow jumped 308 points on the first trading day of the year. that's the biggest single day gain since december of 2011. the s&p and the nasdaq also rose. >>> there is other drama on capitol hill today over a relief bill for victims of superstorm sandy. it caused more than $36 billion in damage for new jersey alone. a fuming governor chris christie says that he was assured by congressional leaders that a relief package would be put to a vote. but last night house speaker john boehner pulled the legislation he says because of scheduling problems. >> politics was placed before oaths to serve our citizens. it was disappointing and disgusting. >> late today they said they would vote on friday for part of the aid package but most of it will be voted on january 15. >>> secretary of state hillary clinton is out of the hosp
FOX Business
Jan 2, 2013 11:00am EST
the purpose of congress. takes two to tango, doesn't it? >> it does. the debt ceiling is something that congress passes, and he's asking congress to seed that authority. the point of view from democrats and the president is congress appropriates the spending, the president signs it into law, and then because of that spending, you have to raise the debt ceiling as a second maneuver, but you approved the spending, why not raise the debt ceiling? last time democrats believed they won the pr debate on the debt ceiling, and going into this, i imagine they believe the same again. adam: rich edson in washington, thank you very much. cheryl: a lot to cover coming up for us. if you just got a flat screen hdtv for christmas, it could be outdated soon. the tv industry -- yeah, your tv -- gearing up to promote what they call ultrahigh definition televisions promising four times resolution of existing television. here's the catch, though, the price, sony's 84 inch ultra sets priced at $25,000. who needs a television -- adam: has electrolytes. got to have it. cheryl: makes you smarter, i don't k
FOX Business
Jan 1, 2013 11:00pm EST
refuses to have a debt ceiling fight with congress. it's really up up to congress because it's congress that passes an increase and republicans have a very different view on that. we have already started the debt ceiling fight a few minutes after the congress has passed a fiscal cliff deal. on top of that coming here from the president about the next round on deficit reductions, saying that he wants to have the wealthiest corporations and individuals take advantage of fewer tax loopholes. he asserted that his rate increase and now he wants to deal with loopholes and deductions. he says that he wants more spending and investments at the white house calls it on infrastructure and research and development and pretty much the same fight we have been having over and over again for the last four years. the president outlined his position. not really anything new. republicans have been outlining their position. mitch mcconnell is out with a statement saying that we need to get a handle on spending. let's get moving on spending reductions. so we now have the next step here. and also th
MSNBC
Jan 2, 2013 11:00am PST
raising the nation's debt ceiling that comes in late february or early march. march 1st, congress will have to deal with the sequester of the automatic spending cuts that have been put off. just a few weeks later, the continuing resolution on the federal budget runs out. that could lead to at least a partial government shut down. joining us now live with a happy new year to you. i guess we will start with the debt ceiling. why not tackle this first. it has been building for a while and a major sticking point in the negotiations. how does the make up of the final deal change the way this is likely to play out? >> a lot of democrats were upset that the president went with this route because they felt like the tax cuts were something that was leveraged and they could have used to offset some of what we are going to see with the debt ceiling and those other things we mentioned there. this brings up all of these things all at once. while it's a short-term victory for president obama on those things, the spending cut issue will continue down the road and there is not a good relationship
NBC
Jan 2, 2013 5:00am EST
the debt ceiling. president obama urged congress to raise it. >> we cannot not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> police are investigating two new year's days shootings. what happened on caroline street. a man was shot in the abdomen. police investigating a separate shooting in northwest baltimore that happened after 4:00 p.m. near druid hill avenue. a man was suffering a gunshot wound to the shoulder. >> for many, ringing in the new year was cause for celebration. there was a big party at a hotel that prompted three calls. jennifer franciotti has more details. i understand this ran the gamut of incidents. >> their credit been too many people. overnight, they answered three separate calls for a stabbing, a fight, and some kind of drug overdose. partygoers report having a great time at the atrium. there were about 1000 people at this event. not everybody ran
CBS
Jan 3, 2013 6:00pm EST
congress has a lot of work to do. in the first few months lawmakers face a looming government shutdown and a battle over the debt ceiling and automatic spending cuts. >> what just happened with the debt and deficit and taxes, that doesn't go away. >> this is the reason that i ran for congress, so while it's daunting this is what i'm ready for. i'm here to work. >> the first major vote will come friday when the house takes up part of the superstorm sandy relief package. also today the house voted to retain john boehner as speaker of the house. >>> critics call grover norquist the single biggest impediment to a budget deal. you might think he'd be lying low as some of his allies passed a $666 billion tax increase, but bruce leshan reports norquist is keeping anything but quiet. >> no. i'm disappointed that we weren't able to continue all of the 2001, 2003 tax cuts. >> reporter: grover norquist's days are filled with media interviews and he's putting his best spin on the first republican vote to raise taxes in 22 years. >> they were scheduled to go higher if congress hadn't acted
CNN
Jan 2, 2013 4:00am PST
issue of the debt ceiling and the president has a stern warning for congress. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up. >> this morning the political fallout, what this all means for you and what's next. >>> we have a packed show ahead, join by jen psaki, president obama's traveling press secretary, economist diane swonk and margaret hoover who served in the bush white house, john avlon with the daily beast, and irving pinsky. >> good morning, i'm brooke baldwin, a special fiscal cliff addiction, we're over it, "starting point," roll it, starts right now. here we go, full table, our panel today we have mr. richard saccharides, former adviser to president clinton, chrystia freeland, thompson reuters and welcome will cain with a tie, we've all been talking about it at the commercial. >> new year. >> court date. >> christine romans joining us here at the table as well. welcome, everyone. >> welcome. our "starting point," back from the fiscal abyss, in detox from our fiscal cliff addiction as th
CBS
Jan 3, 2013 4:00am PST
local news on "cbs morning news" president obama and congress talk about the debt ceiling talks. we hear from robert gibbs. mr. obama's senior campaign adviser. >>> plus secretary clinton back home after a blood clot in her head. we eat get an update on "zero dark thirty." >>> for now, though, that is the "morning news" for this thursday. we appreciate you watching. i'm terrell brown in new york. take care, everybody. have a great day. -- captions by vitac -- www.vitac.com -- captions by vitac -- www.vitac.com this morning. >> your realtime captioner: linda marie macdonald. >>> good morning, it is thursday, january 3. i'm elizabeth wenger. michelle is off this morning. >> she is sleeping in. hi, everyone. i'm frank mallicoat. it is nearly 4:30. it was cold this morning. >> not as cold as yesterday. >> pretty close. these temperatures down into the 20s and 30s again. we're looking at widespread frost. we'll talk about that coming up. >> on the roads, caltrans is back and busy. we roadwork in marin county and on 880. island tell you what that means for your morning -- i'll tell you wh
RT
Dec 27, 2012 1:30pm EST
there how far do you think in congress still push the debt ceiling up will we see ratings cut again for the u.s. if we do see another hike. oh look i mean in the course of the last well early two thousand and eleven there was about fourteen point three something like that billion dollars they've expanded it by another couple of billion couple of trillion i'm sorry since then. there is borrowing to be repercussion if america does not care about its debt how but in order it's the same with any addict and america is addicted to debt the government needs to be under control the united states of america the greatest capitalist economy we've ever seen in the history of the world but unfortunately it's being governed by people who think that government spending is the best way forward and well we've seen enough collapsed communist regime to understand that central planning just does not work ok when it comes to the fiscal cliff there were about to hit around four days do you think there's still a chance we will see a deal between the republicans and will that change anything. well let's pu
NBC
Jan 2, 2013 12:00pm EST
congress to address over spending. >> and the debt ceiling. before leaving for hawaii early this morning, president obama urged congress to raise it. >> we cannot not pay bills that have already been incurred. if congress refuses to give the united states government the ability to pay the bills on time, the consequences for the entire global economy will be catastrophic. >> no word yet on when the president will sign the new bill. technically it was a day late, but the markets reopened this morning. from washington, i am tracy potts. >> reaching a deal on the fiscal cliff has not -- lawmakers on both sides of the aisle are pressing outrage after it the house adjourned without a vote on a bill providing aid to victims of superstorm sandy. representatives from both parties are calling ending the term without a vote inexcusable. >> absolutely inexcusable, indefensible. >> some lawmakers are suggesting the decision to forgo the vote was made because the affected areas are in blue states. >> we started this morning with a little bit of cloud cover. we have mostly sunny skies now. the
Current
Jan 3, 2013 3:00am PST
house was working a plan to work around the congress, that there wouldn't be a debt ceiling standoff. >> bill: if they can do that, then more power to them, beverly. you know the white house may be working on that, it doesn't mean they'll be able to pull it off. >> caller: well, no, but it doesn't mean that it doesn't either. i think this man is playing three-dimensional chess. he is a practicing nottist. he's proven that he can divide the republican party. >> bill: right. well listen, if the president can do that, if he can pull that off and raise the debt ceiling without congress then more power to him. if he can, he will. >> announcer: this is the "bill press show." every day presents another exciting issue. from financial regulation, iran getting a nuclear bomb, civil war in syria, fraud on wall street, destruction of medicare and medicaid. there are real issues here. having been a governor, i know that trade-offs are tough. things everyday exploding around the world that leave no shortage for exciting conversations. i want our viewer to understand why things have happened. at th
CBS
Jan 2, 2013 6:00am EST
congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still watching your money report and the fiscal cliff. >> and the fight we should continue to expect with congress having several other hurdles to deal with. >> our money problems are far from over. in fact, they're just really beginning for this new year. it is a great quote very for you to sum up the year ahead. this comes from a december 27th blog on the tax policy center website. quote: it looks as if lawmakers will spend 2013 staggering from crisis to crisis not unlike a bunch of nasty drunks weaving their way from barroom to barroom. so what type of crisis are we talking about here? we'll run through the timeline. right now the country is employing a bunch of accounting tricks to keep paying t
LINKTV
Jan 1, 2013 5:30am PST
the leaders of congress. the whole thing may be worked out in the next few days. the debt ceiling needs to be raised by congress and the republicans feel they have the upper hand over president obama and the democratic party. >> north korea's leader has given a surprise new year's address to the nation. he said that the two koreas should be reunited. but the young leader also stressed the importance of strengthening north korea's military. >> for north koreans used to simplicity rather than extravagance, this was a rare treat. but apparently the leader says that 2012 as a historic year was worth celebrating. there was a successful rocket launched in september. he told the nation that he would build on it. he spoke on the need to improve relations with south korea appear the messages more conciliatory than recent years. >> this year, the entire nation should unite in opening in new chapter to reunite our fatherland. >> he did not denounce the presence of u.s. military troops in south korea. he did not criticize conservative groups in south korea. the studio had been elements in rec
CBS
Jan 3, 2013 4:30am EST
. congress will also have to authorize a bump in the debt ceiling or else the country will default on its loans for the first time in u.s. history. >>> secretary of state hillary clinton has been released from the hospital. mrs. clinton spent a couple of days in a new york hospital after doctors discovered a blood clot in her head. doctors have been treating the clot with blood thinners. they say the secretary is responding well to treatment. president clinton and their daughter chelsea were on hand to take the secretary home. no word on when she plans to return to the state department. >>> the city which was once known as the murder capital of america has recorded its new lowest murder rate in 51 years. last year washington, d.c. police investigated 88 murders which is the lowest total since 1961. during the crack cocaine street drug wars ever the 1980s and 1990's, d.c. recorded more than 400 murders for several years in a row. later today mayor vincent gray and police chief cathy lanier will hold a press conference to discuss the low number and how it was achieved. >>> d.c. police are s
MSNBC
Jan 2, 2013 6:00am PST
when the temporary delay on domestic and military spending cuts expires and when congress must raise the $16.4 trillion debt ceiling limit to avoid default. >> save your powder for the debt ceiling fight. we have leverage at the debt ceiling to make this president face up to the fact that we're spending our way into oblivion. >> last night, the president warned republicans not to use the debt ceiling as a bargaining chip. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> nbc's kelly o'donnell is live on capitol hill. and nbc's mike viqueira joins us from the white house. kelly, let's start with you. you look remarkably well for what i can only mablg has been a rough last couple of days. >> oh, you're kind, chris, thank you. >> we rolled out kind of a basic nuts and bolts of the deal. give me a sense on what the mood is, how people are feeling? do people feel republicans won, democrats won? is there a winner in something like this? who got what they wanted and
CSPAN
Jan 3, 2013 7:00am EST
republicans in congress agree to raise the debt ceiling and exchanged for some spending cuts. we saw that in 2011. the obama administration says the not playing that game anymore and they have a plan to raise the debt ceiling and go- around congress. sounds like they're not revealing the details, but that will be the big fight. a debt ceiling fight in a couple months. guest: we are live from the rotunda on capitol hill. opening day of the 113 congress. we want to get your questions and comments about the agenda of the new members face. let's begin with michael in new york, an independent caller. go ahead. caller: good morning. you have a great show. i am a professor in an m.b.a. program. i have 38 students from 400 countries. i teach accounting as well. i see very few accountants in the house of representatives. an observation, you are concentrating on cutting the medical care in the united states. the united states is listed 49 th in life expectancy. so that is an area you really do not want to cut. the next biggest china is growing at 10% per year. even russia growing at 5% per yea
FOX News
Dec 27, 2012 12:00pm PST
obama administration and congress have the debt ceiling hanging over them. the u.s. set to hit the borrowing limit of over $16 trillion by the end of the year. there's a lot going on at 2012 winds down. in congress, the senate is in session, the house is not. it's the first time either chamber has been in session for business between christmas and new year's since 1970. >> trace: so they're coming back to work. the president probably wished he stayed in hawaii because not much has changed. >> both sides are waiting for the other to make the first move. senate republicans are ready to look over a plan the democrats put forth but they say there's no plan. this morning the top senate democrat, harry reid, chided the top house republican, john boehner, nor not calling the house legislators back into zes speaker boehner should call them back today. he shouldn't have let them go in fact. they're not here. they are not here. john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> in response, a spokesman for the speaker said sena
ABC
Jan 2, 2013 6:00pm EST
too high and we're still investing too little in the things we eat. >> as congress prepares for another showdown over the debt ceiling, conservatives are criticizing the deal. a coalition of business and public leaders pushed hard for a deal to grow the economy. >> they can't solve these problems ahead of time and when they get the deal, it's not even a real deal. >> house speaker john boehner laurence state tirade of expletives that harry reid right outside the house speaker a dictator on the senate floor. you can expect more of that tension in the weeks to come. >> stay with us for complete coverage of the fiscal cliff deal and what could happen in the next few months. for more on the impact on you and your family, the 02 -- go to wjla.com and our social media websites. >> the other story is the failure of congress to come up with a comprehensive relief package for the victims of hurricane sandy. the governor of new jersey is angry at the house speaker for pulling the eight, calling it a trail. it comes after the senate approved a package on friday. chris christie called the m
CNN
Jan 3, 2013 2:00am PST
morning. >> thanks, it's good to be here. >> big battles are ahead in the new congress. the debt ceiling vote, and they are saying this new congress is even more polarized than the last one. are you worried that the coming negotiations will turn into a repeat of this fiscal cliff fiasco? >> it can't. the mandate of this election really is the american public expects us to work together. they want us to reach across the aisle, work together as democrats and republicans. as you guys said earlier, we have to be able to walk and chew gum at the same time. >> we haven't been able to see that, though, so that's why we're asking the question. so when it comes to these negotiations, many representatives say that they feel compelled to stick to their values because that's what the constituents in their districts would want them to do. it's why they voted for you in the first place. what is more important to you, a compromise for the nation as a whole or keeping your promise to the people who you voted for? >> well, compromise doesn't mean we have to give up our convictions, but what it does mean
RT
Jan 2, 2013 11:00am EST
to congress a request a high ceiling and the other one is the longest. solution would be budget deficit the fiscal deficit is threatening one trillion dollars a year because tax increases spending because the problem is only reduce the deficit by something like two hundred billion dollars if this were a short government the u.s. government have to cut the deficit to zero or actually to a surplus in order to pay off the huge debt. but the one area where america's like to rake in a few more dollars is next year is arms sales in the bonanzas most likely to come from pushing weapons in the asia pacific we've got analysis on that later in the program. next though activists in syria said that up to seventy people have been killed and dozens injured in an airstrike that hit a gas station in the damascus suburbs i would say many of the dead women and children the violence is despite a stark warning from the top international peace envoy to syria that the country faces hell with talks let's talk now the doctor who's a political analyst specializing the middle east for philadelphia univer
RT
Jan 2, 2013 1:00pm EST
in february they have nowhere to go they have to go back to the congress a request. that their ceiling and the other one is the long term solution would be budget deficit fiscal deficit is running one trillion dollars a year because tax increases spending because the problem is only reduce the deficit by something like two hundred billion dollars it's way short the government the us government have to cut the deficit to zero or actually to a surplus in order to pay off the huge debt. one area where america's like could rake in a few more dollars those next years arms sales in the bonanzas most likely to come from pushing weapons in the asia pacific given alice is on that a bit later in the program. like this in syria say up to seventy people have been killed and dozens injured in an airstrike that hit a gas station in the damascus suburbs eyewitnesses say many of the dead are women and children the u.n. report says at least sixty thousand people have been killed now since the civil war began almost two years ago this despite a warning from the top international peace envoy to s
FOX News
Jan 2, 2013 1:00pm PST
authority. congress needs to have a say whether the debt ceiling is raised. this should not be policemen -- not be political leverage. >>neil: you are a decent man, congressman, with enormous integrity and hope springs eternal your d.n.a. is left in congress. thank you for your service and all you have done. >>guest: thank you, haunt new year. >>neil: ahead of the swearing in, and consideration of the new members, after the the vote last night, one member said no one should keep their job in congress. you are steaming mad. why? >>guest: look what happened. the freshmen congressmen are paid $180,000 a year! off of our back, off of america's back and we work until april 17 to pay all of the taxes and all of the spending these guys do and they do nothing. they do nothing to stop the real problem. they talk about taxes when taxes are irrelevant. you have said this and i agree the problems are systematic. they belong in the spending. we need real change. when i lose weight i put it off tomorrow, i will start tomorrow, tomorrow, tomorrow, these people >>neil: i try never to start because that
CNN
Jan 2, 2013 8:00am PST
conversation. that you you very much for that. not only does congress have to deal with the debt ceiling next month. they also have to deal with the sequester, remember that series of cuts in federal spending that will reduce most budgets about 8% to 10%. last night's deal basically kicked automatic that down the road. and then there's also the budget so-called continuing resolution, and congress has to pass another budget so that our entire government just doesn't shut down on us. if congress doesn't get its act together fast we'll be in a similar situation before we know it. the congressman-elect from florida joins us. my first question, sir, is are you looking forward for joining this group of legislators, given this despicable state of paralysis. >> this is a new congress i'm joining. the 112th congress, this is definitely disheartening, but it's not a surprise. the new congress, about 90 new members, all elected on a message of bipartisan, so the freshmen i have met all want to do something big, we want to do the big choices, so i'm excited to join this congress. >> what do you cons
RT
Jan 2, 2013 2:00pm EST
have to go back to congress a request. that their ceiling. is the longest. solution would be budget deficit the fiscal deficit is running which really dollars a year in. tax increases spending because the problem is only reduce the deficit by something like two hundred billion dollars it's way short the government the us government have to cut the deficit to zero or actually to a surplus in order to pay off huge debt. one area where america is likely to rake in a few more dollars though is next year is in the finance is most likely to come from pushing weapons in the asia pacific as on the later in the program. to be some serious so that up to seventy people have been killed and dozens injured in an airstrike that had a gas station in the damascus suburbs i would assume so many of the dead are women and children the un report most is at least sixty thousand people have been killed since the civil war began almost two years ago this despite a warning from the top international peace envoy to syria that the country faces held without talks meanwhile reports say the syrian rebels claim
CBS
Jan 2, 2013 5:00pm EST
congress fought over the debt ceiling america's credit rating was downgraded. the fiscal cliff deal did not save the social security payroll tax cut. so many americans will still pay higher federal taxes this year. on capitol hill danielle nottingham, lesli, back to you. >> thank you. we'll talk a bit more about what this means for most of us. first the good news, most americans' tax rates are not going up, but now your paychecks will be a little smaller starting with the next one. andrea mccarren joins us live from our satellite center with more on what to expect. >> the payroll tax holiday is over now. so the rate is going up from 4.2% to 6.2% and that increase will affect virtually everyone who has a job. >> i guess i won't be getting my nails done and hair done. >> reporter: just weeks ago we asked self-described middle class taxpayers what more they could sacrifice. >> everything that's in my life is a they. >> because i don't have -- is a necessity. >> because i don't have any more to give them. >> reporter: but now wage earners will take home even less. >> now they'll start p
ABC
Jan 2, 2013 7:00am EST
will hit the limit of how much money it can borrow, unless congress raises the so-called debt ceiling. an automatic, across-the-board cuts to the pentagon and other agencies, are only to be delayed for two months, setting up another from fiscal cliff on march 1st. congress has adjourned. and late last night, after midnight, the president left for hawaii to meet with his family. and hopefully, he thinks for a few days' vacation. >> you mentioned the breathing per feelings got raw at the last minute. >> reporter: it got really nasty. politico first reported on friday when the congressional leaders met here at the white house, speaker of the house john boehner told the democratic leader, harry reid, off, use uhhing language i can't use here on "good morning america." >> you can't even paraphrase. >>> let's look at what the deal means to you at home. lots of paycheck changes right now. and bianna golodryga is at the smart screen to break it down. about 99% of americans protected from an increase. but most workers will take a hit. >> payroll taxes going up. this affects everyone making $11
NBC
Jan 2, 2013 6:00am EST
work with congress to address the government overspending. >> and the debt ceiling. before leaving for a whole lot president obama urged congress to raise it. >> we can't not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was a day late but it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> county police had a busy new year's morning. officers responded to three separate calls. >> jennifer franciotti is live outside the crown plaza hotel with more details for us. >> do you think it happened just after 1:00 a.m. we know that police are still investigating but it could be a matter of too few security guards. this hotel hosted a new year's eve party. >> they did it at a hotel so you can get a room and drink and not worry about driving home. none of that. do you know what i'm saying? they did a good job of putting this together. >> about 1000 people in the atrium. >> a lot of different promoters getting together to th
FOX Business
Jan 3, 2013 6:00pm EST
gaviscon®. gerri: there is a new congress in town to deal with the problems the last congress left behind, but with our national brett -- debt growing, we are getting closer and closer to the debt ceiling. what will congress do about it if anything? joining me now, editor for the weekly standard. and columnist for the daily beast. my favorite panel. let's start with you. some interesting comments today about how the president should conduct himself going forward. here he is. >> over the next few months it will be up to the president and his party to work with us to deliver the same kind of bipartisan resolution of spending that we have now achieved on taxes, but it needs to happen before the 11th-hour. for that to happen the president is to show up this time. gerri: does the president need to show up? >> denise to show up on the spending cuts, definitely. i think there will be any kind of real movement on that it will require the president's meeting the republicans somewhere along the way. it can't be done on one side. i think we need to have some deficit reduction. we need to have some c
FOX
Jan 2, 2013 5:00pm EST
raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in suspence the whole time, like
ABC
Dec 28, 2012 6:00pm PST
ceiling crisis. congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron lems of dealing with the cuts. the study by george mason university found cuts will result in two million jobs lost and a $215 billion drop in the nation's gross domestic product. for california, it means defense spending will be cut by half a billion dollars, 12,000 children would lose their access to head head start programs and fewer women would receive screening. 7,000 victims of domestic violence would lose services. 8,000 fewer californians tested for hiv. 296,000 students could see the
CNBC
Dec 26, 2012 4:00pm EST
geithner is telling the congress we're hitting the debt ceiling at the end of this year which is the part of the, as i mentioned, part of an effort to get congress to step in and act, not only on the fiscal cliff but on the debt ceiling, bill. >> thanks very much for the breaking news. we'll keep monitoring the situation. thanks, john harwood. a look now at financial sector and whether or not you should put your money in the banks. >> 12 months ago there was a lot of buzz about the regionals, but now it's the big banks that have done really, really well. we have the president and ceo at bell rock capital and jeffrey hart. welcome back. >> cassandra, how did we get that wrong, those saying was not a good environment for about the banks, 2012, low interest rates, you know, the low loan demand but yet the banks have done so well this year. why? >> well, it's time. time has been on banks' side. it took time for the real estate market to bottom and start to inch back up, and it took time for them to rebuild their capital positions and to let some of these problem loans work themselves out. tha
FOX
Jan 2, 2013 9:00am EST
time that congress must vote on weather again increase the debt ceiling or risk default. telling folks on capitol hill he has begun to initiate emergency measures to continue to pay the government's bills through february. but one other thing that is coming up with all of this is that analysts who are watching washington d.c. watching that fracture debate, one of those analysts put the risk with that debt ceiling debate at 20%. back to you. >> melanie, thank you. >> so congress's action means the income tax for most will not go up but you will definitely see another tax hike this year. >> sarah is back with us to explain that. >> we kind of forget about all this that there is a tax hike that is going up. the payroll tax. this is the amount taken out towards social security. for the past two years it was reduced to 4.2% in order to give you a break in the tough financial times. the fiscal cliff bill passed last night did not include an extension of the payroll tax hike. now it goes up to 6.2%. here's what this means. a household earning $50,000 a year will see paychecks cut by $1,
FOX News
Dec 27, 2012 6:00am PST
happens if they don't raise the ceiling? >> ultimately congress has to raise the ceiling. it's simply naive to believe you could ever put the level of spending kick quickly become to the level of revenues and not have to borrow some more. it doesn't have to happen until february or march. ment soak of the treasury has a lot of tools available to push off when you actually hit the debt limit. waoes going the's going to do that and run the usual bag of tricks to avoid the debt ceiling. gregg: timothy geithner can move money around between now and february. we don't really need to panic, do we? >> no, you don't need to panic. essentially the he secretary of the treasury will raid retirement funds them appraiser raoerbgs the treasury also has a slush fund left over from when we had fixed exchange rates. it's called the exchange stabilization fund. there is about $20 billion he can raid. there are $200 billion to run the government while song gets utus past the fiscal cliff. >> the last time this happened in july of 2011, the credit rating was downgraded. the government's, not mine, but i
ABC
Jan 2, 2013 4:00am EST
short-lived. other issues are also unresolved. >>> chief among those is the debt ceiling. the government has hit the limit on borrowing. and a new impasse on extending that limit is likely. republicans say they will insist on new spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ort
MSNBC
Jan 2, 2013 8:00am PST
. the debt ceiling is a separate issue. congress incurs bills, they have to be paid and the debt ceiling will not be a component of that negotiation. >> boehner said he got 98% of what he wanted. you heard republicans at the last minute say we want certainly like changed cpi, medicare cuts the president put a lot out there, upwards of hundreds of billions in cuts. are you worried republicans will ask for those in exchange for raising the debt limit? >> i will say again the debt ceiling is not going to be a component of these negotiations. the president has made that clear, the vice president in the caucus meeting made that clear. what is going to be essential and what will be an element is whatever we do going forward, the fiscal cliff deal that we passed last night is one step forward toward a balanced approach. the republicans need to understand that now we're not going to turn to spending cuts only. thing we do going forward is going to need to have balance, balance in revenue and spending cuts. there's still going to be more pain toward deficit reduction on the backs of the m
FOX News
Jan 2, 2013 10:00am PST
cliff bill passed in congress does not address, among other things, the nation's debt ceiling which we have already hit setting up the next economic dialog to be played out the coming weeks. here you thought the fun was over. it congress does not raise the debt ceiling the federal government will not be able to pay its bills and here is a look at the situation when the president took office and today, when it comes to the national debt. in january of '09 the debt stood at 10.6 trillion dollars, and by the end of the president's first term, the national debt has risen to more than 16.3 trillion dollars. that's about a 54% increase in over four years. but while the president acknowledges that the deficit and the debt are too high, he warns he is not budging when it comes to another debt ceiling increase. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. >> the president hasn't had a budget in his entire presidency, no matter who was
FOX News
Jan 3, 2013 2:00pm PST
out of the gate of the new congress. tonight on "special report," minority leader mitch mcconnell is getting ready for the battle. the president doesn't seem willing to have over the debt ceiling. moody's warns congress it must take measures now to reduce budget deficits or ris about downgrade. brit hume has analysis. 113th congress is sworn in. despite some defections, house speaker boehner gets to keep his gavel for two more years. president obama has kept drone strikes, warrantless wiretapping and other holdovers from the bush administration's prosecution of the war on terror. plus, tonight, breaking news on that front. we'll look at the obama administration and rendition. in the grapevine, al gore's current tv sold to al-jazeera for ide log call reasons and a lot of cash. we'll explain. "special report" from washington starts at 6:00 eastern. now back to new york and my colleagues with fiv "the five." ♪ ♪ >> andrea: history was made in washington today as the only black senator sworn in 113th congress. tim scott of south carolina is the first black republican from the south s
CNN
Jan 3, 2013 9:00am PST
says he's not part of the battle or negotiate the raising of the debt ceiling. congress has to do it. i suspect a bitter fight the at the end of the february. it will go on. the republicans say they'll raise the debt ceiling, but they want to make sure that whatever they raise it by, let's say a trillion dollars, there's a similar cut in spending so it doesn't increase the nation's debt. get ready for a bruising battle on that front. >> gloria, do we think the president can accomplish when he's looking at his legacy some of the things that have been very dear to him when you look at the 113th congress. that there will be less of this partisanship, that elbe able to break through? it was one of the pledges in the first go-around he was going to change washington. it has not been something he's able to accomplish with the former congress. >> no, it isn't. i think looking at the fight we just had and the fight wolf is talking about, i think it's hard to be optimistic about how these two sides are going to work together. when you look at the debt ceiling fight coming up, that's really repub
FOX
Jan 1, 2013 5:00am EST
theecountry's bills in full... and on time. congress would have to vote on raising thh debt ceiling... setting tteestage for another fight n capital hill. the new year brings violence in sacramento, california... where two eople were killed and three others injured. injured.40-thousand people gathered in old sacramento for gunfire erupted.officers rushhd to close-off the crime scene... and the midnight celeeration was cancelee.no worrdon what prompteddthe shooting... or a suspect. as we cllsed out 2012 in paltimore... nn nummer rings out... tte murder count.there were 216 homicides.... compared to 117 in all f was more violent in the city of baltimore.paul gessler has more on how community leaders pre reeembering the city's homicide victims. (reading names)aa balttmore prepares to ring in the neww year...(nnmes))ommuniiy &pleaders look back at the namms are read aloud.19.21.22 reading names "floyd dorsey, 59--that's my cousin-- michael williams, 45....victims of violencc... and part f thee city's growing homicide rate. commissioner nthony batts, baltimore ciiy police:"too many lives
RT
Jan 2, 2013 10:00pm EST
what the debt ceiling does is it authorizes congress to pay bills that have already been run up by congress congress authorizes spending and then the executive branch has to write the check the treasury department i think this is actually a very hypocritical statement from the president i mean he signed all these bills into law so it's just as much his responsibility as congress the constitution says all taxing and spending authority rest of the house of representatives all legislation has to region but it is what it is a hypocritical state for him this is coming from the you know the president who passed the largest task tax increase on americans and american history and he was going to. share middle class tax code common care obama care is a tax thing trees i'm sorry but the supreme court ruled that it is in fact in fact a tax you can't really argue or not even more hundred sixty dollars a year you pay if you don't tax and it is the largest tax increase there for at least since world war two on americans and so if he wants to see hear him talk about you know the way that congress
MSNBC
Jan 3, 2013 7:00am PST
already see him talking about the debt ceiling and saying congress can't default on the bills and skip outin t ion bills for things they've already spent and already authorized. so i imagine he'll do that again, go to the american public and i think you'll hear from boehner there he goes again, there obama goes again campaigning but it's been so effective that i think he'll go to that again. and i think jackie's right. i mean, the leverage here that obama has against default is huge. i mean, the leverage is if republicans don't budge, the entire global economy is at stake. so this idea i think that republicans somehow have more leverage than the president isn't quite right. >> but the thing, as you point out, jackie, is that they're not going to budge. speaker bain aoehner says he's going to negotiate one-on-one with the president. what's that strategy about? >> as we've seen, speaker boehner has had a pretty rough week for lots of reasons. he doesn't have -- right now it's really complicated inside that conference. it reminds me of when the democrats were in charge. it was like h
FOX News
Dec 30, 2012 3:00pm PST
allowed to borrow so much without asking congress for a higher debt ceiling. in other words, every time the president wants to spends more money, he has to go to congress and ask for authorization and that's the way it works, to have the people elected approve spending increases. right now, 16 trillion dollars in debt, we're bumping our head on the debt ceiling right this very minute and let me tell you, when you look the at how much money we're spending compared to our gdp, we're similar to spain, we're similar to greece, it's not a pretty scenario. >> harris: well, tell me this: what actually happens when we nudge up against it? >> well, everybody starts wondering when they're going to rise the debt ceiling, there's big pressure on republicans in congress to approve that. it's a big debate with them because they don't like to and then you have all of wall street looking at this, wondering whether we're going to be able to pay our bills and remember what happened last time around, the markets sold off 2000 points over a two month period. it was very dramatic. and really hurt peopl
CBS
Jan 2, 2013 5:00am EST
again on monday, we have a month or possibly two for congress to raise the ceiling on the amount of money we as a country owe or are allowed to maintain. this could be a knock down, drag out fight. the early view is that republicans will use the political moment to demand more spending cuts. in march both sides will probably go toe to toe over short-term spending to keep the government open. you'll remember the same fight almost led to a federal shutdown about two years ago. then we probably go another round in the fall when congress goes head to head over the 2014 fiscal budget. and the same issues could come to the forein that -- forein that fight. not to mention the congress has to come up with a deal on sequestration. they kicked the can down the road. now it's up to the new congress to come up with a grand bargain or find some other creative way to kick the can yet again. do not expect these problems to go away just because we have this tax deal in hand. >> how do we still have a can left? it's been kicked so many times. >> holes in it for sure. >> it's amazing that the treasur
CBS
Jan 1, 2013 4:30am EST
buy time until the end of february. those moves include suspending some benefit funds. congress must vote to raise the debt ceiling setting the stage for another fight on capitol hill. >>> some people wrapped up their 2012 by donating to charity. all day and night car after car dropped off in donations at the salvation army center in alexandria. many people got in a final big donation before the end of the year for tax purposes of course. others gave away their old things to make way for new stuff santa brought them. >> a tremendous turnout with donations. again, you know, the salvation army does a lot across all over the world so people feel comfortable coming here with their donations and we take good care of the stuff that they donate. >> the salvation army estimates some 1700 cars came by its alexandria center yesterday alone. i've been giving to goodwill the last couple of days to get rid of stuff, get in the tax donations and it's the right thing to do. >> that place is huge. just pull in. >> on this last day of the year, it is unbelievable. thank you. >>> hillary clinton,
MSNBC
Dec 27, 2012 7:00pm PST
geithner wrote a letter to congress. we are going to hit the debt ceiling. it never ends. >> happy new year's america. ♪ 29 and a half hours that is how long congress will have to avoid going over the fiscal curve on sunday night. >> if we go over the cliff, mr. president, the house of representatives as we speak with four days left after today with the first of the year, aren't here. i can't mamg they are out wherever they r and we are here trying to get something done. >> president obama called leaders last night and tomorrow afternoon we will meet with the speaker and mix mcconnel and harry reid to see if they can avoid going off the fiscal curb on january 1st. today harry reid emphasized that there is ome one reason why they are unable to reach an agreement so far. >> this has been going on for years. they cannot cross over the threshold. people are not propose iing mak the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this state
ABC
Jan 1, 2013 5:00am EST
time. congress must vote to raise the debt ceiling setting the stage for another showdown coming on capitol hill. >>> couples have been waiting a lifetime for the day and today same sex couples can legally marry in the state of maryland. it was approved by voters back in november. and this morning, sherrie johnson is live at city hall where some couples have come out to tie the knot and they did it after the stroke of midnight. >> reporter: a big day here. we are in front of city hall war number of people 7 couples to be exact tied the knot here at city hall in downtown baltimore a landmark day for maryland. baltimore city mayor stephanie rawlings blake actually hosted some of the first marriages for same sex couples in the state of maryland. she actually performed the first ceremony of the morning. the couples brought friends and family to take part in the historic ceremony new year's day will have a new meaning for many couples who can finally have the right to marry the person they love. same sex couples were able to get a license in december and today they were able to tie the k
MSNBC
Jan 2, 2013 2:00am PST
. you heard the president also talking about or eluding to the debt ceiling, that's a fight the congress still has to deal with, as the president made reference to paying those bills we already incurred. john boehner was able to gather together 85 votes in favor of this bill, overwhelmingly passed in the stat. not as much -- most republicans voted against it in the house. in the end they were able to get it past. not mentioned as much but something that limb pact a lot of paychecks, remember that 2% payroll tax cut we enjoyed in the past year? that's not a part of this bill. payroll taxes going back up 2%. you will feel that in your checks starting this month. >> thanks. here's a recap of how the drama played out on your new year's day holiday. after the ball dropped around 2:00 a.m., the senate passed a deal. 30 minutes later, the president released a statement praising the agreement. around noon yesterday, vice president biden meets with the house democratic caucus and tries to sell the deal. then the gop convenes, and we are learn that republicans may be staging a revolt, the
LINKTV
Jan 2, 2013 5:30am PST
bargaining set to begin within weeks when congress must look at raising the debt ceiling or risk the country defaulting on its loans. >> hearing now from the economist micki price, a former adviser to the british government. -- vicky price. >> what would happen in the next couple of months is there will be a lot of discussions and bargaining going on. first of all, the fiscal cliff and whether that can be avoided completely in a couple of months because maybe they will be able to raise the debt ceiling slightly. i think that is very important to happen. the second thing will be what happens on spending? there's quite a bit of spending already in the pipeline. the question is the u.s. has a lot of debt that is structural. there has to be long-term changes in terms of the way benefits have been paid and other issues in some of the long-term spending that has been taking place, which will need to be tackled in such a way that will need to be permanently lower. if the problem gets tackled, then they will come back to continue the crisis over the next year. and >> in the central african r
FOX News
Jan 2, 2013 12:00pm PST
to fix the profligate spending, especially entitlements, and nothing to fix the debt ceiling which was the demand of obama, and it does nothing to fix the fiscal cliff. >>guest: it answers the tax issue. it gets us beyond what the deadline was that was set by congress, some kind of slightly coherent way, the spending...it depends on your political views. some will say it is not and needs to be protected. others say it needs to be dramatically cut. what needs to be addressed is the fact that medicare, social security, will not be able to pay for themselves in the coming years. some method of constraining the costs or altering the revenue that funds them has to be deviced. >>gregg: during the president's four years we have gone from $2.9 trillion in spending to $3.8 trillion, which is 30 percent increase in spending. by any definition that is profligate spending. >>guest: the president's office would say, he inherited two wars that were immensely expensive, he inherited a bad economy that was difficult to get out of. >>gregg: the president promised the middle class would not see taxe
RT
Jan 2, 2013 7:00am EST
congress a request for a high ceiling and the other one is the long term solution would be budget deficit fiscal deficit is running one trillion dollars a year. tax increases spending because the problem is only reduce the deficit by several like two hundred billion dollars it's way short the government the u.s. government have to cut the deficit to zero or actually to a surplus in order to pay off the huge debt. face america is unlikely to rake in a few more dollars next year is on sales and there is most likely to be in pushing weapons in the asia pacific we have analysis on that to come later in the program. where the new country taking charge of europe's revolving presidency promises to secure economic stability that country is ireland one of the bailed out nations with second only to its own debt crisis while financial analyst robert oulds told me this may prove too big a task for doubling. one of the key challenges facing many countries in europe is of course the economic difficulties. is of course rigidly sticking to the austerity drive which the european union wants which
MSNBC
Dec 29, 2012 11:00am PST
on congress, how will this play out when it's time to start negotiations on the debt ceiling because best we can all tell, the raising of the debt limit will not be a part of any deal so we'll be having similar conversations in february. could there be resentment on the other side of the aisle? >> oh, absolutely, particularly if republicans feel they got rolled on this. the debt ceiling is the big leverage they hold on this entire debate. we've heard president obama say he's not going to play the same game he played in 2011 saying they got taken as hostages in a situation and debate that ends up hurting the u.s. economy. president obama says he doesn't want to do that again and it will be interesting to see how he maneuvers because congress will end upholding a vote and saying that congress no longer has the power on raising the debt limit. that remains to be seen and it will be interesting to see what president obama says when he's asked a question like that. >> mark, we'll come back to you later. joining me also from d.c., david nabbing murrah of "the washington post. this won't be
Current
Jan 2, 2013 9:00pm PST
course you will. and the loophole that he uses, i'm not negotiating over the debt ceiling. i'm negotiating over the sequester. what do you think of sequestration? >> first of all sequesters is not something that i propose. it's something that congress has proposed. it will not happen. >> cenk: wait a minute. the sequester has defense cuts. that's not a bad thing. that's a progressive thing. but it's not going to happen. in the next round of negotiations i'm telling you right now he's going to put medicare and/or social security on the table. i'm ready to drop a preemptive elbow on obama's head. so in the ring for the first time, and there you go. it's coming. i guarantee [ ♪ music ♪ ] >> eliot: good evening i'm eliot spitzer, and this "viewpoint." the so-called fiscal cliff was finally surmounted tuesday night as the polithouse g.o.p. joined democrats in a bill that will avert steep tax heights for most americans and postpone major cuts to government programs. but the bill also guarantees lots more political drama in the weeks to come as the house republicans threaten to us
Current
Jan 2, 2013 5:00pm PST
couple of months. the debt ceiling and the continued resolution, the usual funding bills that congress has to pass. i think that everything that we salvage out of this is still at risk including social security and medicare. >> eliot: i want to quote a statement you put out today but i want you to explain what you mean by defenseless. we already played our negotiating cards in terms of tax cuts. we only got $20 billion in revenue. and you said this bill makes mindless cuts to programs important in the middle class inevitable. explain why that is? >> well, the bill now makes permanent, as bernie sanders said not just temporary tax cuts to help along an economy that is struggling but makes permanent a tax system that does not bring in enough revenue to pay for what most americans including me, think are core government functions. we're going to see the cbo the congressional budget officest office estimate of what this does, and we'll see that used as an excuse to make deep, painful cuts in programs that americans can't imagine are at risk. we'll see the me ladrama that we saw over the de
MSNBC
Dec 29, 2012 12:00am PST
last year's debt ceiling debacle, which president obama has vowed never to repeat. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, which, by the way, we have never done in our history, until we did it last year, i will not play that game. >> won't play that game. never done in history. will the president stick to that and not allow another debacle, a debacle, if we want to be british or american, of the debt ceiling vote to be tied to budget cuts like it was last time around? >> whether it's a debacle or a debacle. we'll find out very, very quickly. the president is standing his ground so far, he is saying that he is not going to compromise on what was essentially a very central issue in the campaign. that is, are we going to see bush tax cuts continue for people who are richer than $250,000 and, you know, the republicans in congress, as you recall, last week, they said that they will not vote a tax increase, even on millionaires. house republicans have been
MSNBC
Jan 3, 2013 9:00am PST
heavy course load, but the last congress punted on the debt ceiling and automatic spending cuts. in march they'll need to pass a continuing resolution to fund the government and carry it over from 2012 they'll have immigration reform and gun control. now, the 112th congress was the least productive class in decades enacting just 218 laws in two years. that's less than two-thirds of the laws passed in the previous congress. the gridlock will likely continue, but if the 113th can find common ground on a few big pieces of legislation, it could earn a passing grade. so this is a live shot of the house and senate, and while we are looking at what's going on, they're going to start gavelling it in. i do want to allow our panel to weigh in on this worst congress ever whether we think that the 113th could possibly be any worse than the current one. i'm going right to karen. karen is laughing the hard errs, first of all, and second of all -- >> you know, you have to respect john boehner. he doesn't seem to care, right? it's been called the worst congress for months and months and months. he
FOX Business
Dec 28, 2012 11:00am EST
is dealing with the budget and the debt ceiling is money that congress has voted to spend a. it is leverage. shibani: one side has leverage over the other. >> absolutely. and interesting plan from senator mcconnell, the minority leader in the senate, republican leader has said maybe we can do what we did last time which is bailout congress to vote against it but still went forward. normally congress has to approve the debt ceiling going forward and mcconnell saying let it go forward and let congress vote against it, the majority won't vote against it and allow people to get on record saying i don't really like this. dennis: they know it will pass and they don't have to be responsible by defaulting on the debt. president obama's move to say let's take this out of congress and let me have sole authority to lift the borrowing authority whenever one won't fly. >> there have been a lot of shenanigans around this in the past. the conversation is when we are doing spending. when we are passing appropriations is the time to say should we spend this money or not? they are deciding to spend
MSNBC
Jan 2, 2013 3:00pm PST
think the other side gave a little more. but governor, when it comes down to the debt ceiling that the chairman just referred to, president gave a warning to republicans. watch this. >> i will not have another debate with this congress over whether or not they should pay the bills they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incured. >> sounds like he's pretty strong and stern on that. what dooungs, governor? >> he is and he ought to be. the last time, it was an international disgrace, not just a national disgrace, but an international disgrace. we shouldn't play politics with that. we owe this money. we've got to pay it. we've got o to have the funds to pay it. i think the sequester comes up in two months, probably a week or two before the debt ceiling. we're going to have to have some resolution of the broader problem. what the president should do when he gets back from hawaii, call the congress and the congressional leaders and let's get to work on the grand bargain. the big deal. and the big deal is going to r
ABC
Jan 2, 2013 5:00pm EST
the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not pay bills that we've already occurred. >> reporter: karen travers, abc news, washington. >>> for all of you holiday eaters, cot overweight actually be better for your health? we'll tell you about the recent study which suggests you may not want to lose those pounds. >>> and how the stievers of sandy hook are moving forward. >>> listen up if you're trying to lose those extra holiday powbd -- pownlsd. researchers found having a higher bmi may have a slightly lower chance of dying. those slightly overbeast were not much greater than a normal rate. now don't get too excited, though. experts warn the study does not prove that being overweight is a good thing. >>> scientists say for the first time image tests show fructose can spark brain images. women who spent eight weeks practice -- eating fructose, the brain doesn't register it. researchers say the study is too small to offer proof but does add to the evidence that fructose may play a role in overeatin
CNN
Dec 26, 2012 5:00pm PST
issued a letter today warning the country that we are going to hit the debt ceiling on new year's eve. congress needs to wake up and smell the cau tee that the spending needs to be addressed. >> so david, hard to believe that we are still talking about this. did you see it happening like this? >> is washington so pro den that they can't find a compromise. >> i think the country will get back on track, but it is going to take a prwhile. damage has been down. business plans are down. business sentiment is down. we are are going to pay a price. the senate hasn't acted or called back to act on a bill between christmas and new year's for 49 years. i think the prospects are strong that we are going to go over the cliff. the republicans are going to clearly get most of the blame if we go over the cliff on taxes but the republicans have an argument. the president promised us. he would put on the table spending decreases. when you look at the republicans, was it a mistake? >> they could have had a more popular message right? >> the truth is they would have been a lot better off taking the deal
CNBC
Jan 2, 2013 6:00am EST
it means for the economy and america's future as congress turns its attention now to the debt ceiling. >> the futures are open. >>> next up, the opening bell on wall street, find out what's in store with our guest host, doug, and wells capital cio, jim paulson. >> it's the day after new year. we hope you make "squawk box" your friend every morning. ♪ >>> as we get ready for another exciting year of business news, "squawk box"'s second hour starts right now. >>> good morning. welcome to swaub "squawk box" o. i'm andrew sorkin with becky and joe. the dow looks like it would open 156 points higher, nasdaq up 40 points and s&p 500 would open up 22 points higher after some talk of an amended deal that would have to go back to the senate, the house eventually did pass the senate's bill with no changes. it raises taxes on the highest earners for spending in two months. much more on this in a moment. other news, we have the first big takeover deal belongs to avis budget group buying zipcar for $12.25 a share. nearly a 50% premium for zipcar shareholders. it may be another good year for the
MSNBC
Jan 2, 2013 1:00pm PST
your powder for the debt ceiling fight. we're spending our way into oblivion. >> i will not have another debate over this congress whether or not they should pay the bills they've already racked up. >> the bill as amended is passed. >> 89-8. that is absolutely historic. >> new year's eve produced by a bunch of sleep deprived doctrinenaraians. >> it reminds me of the jokes where someone stopped hitting you in the head with a hammer and you're supposed to say thank you. we created this monster. >> the yeas are 267. the nays are 167. >> so we have this totally dysfunctional senate. therefore a dysfunctional congress. >> it's not a violation. >> technically these are still tax cuts? >> correct. >> a hopefully the new year will focus on less drama, not scare the heck out of folks quite as much. >> let's get right to our panel here with me are krystal ball one of the hosts of msnbc's "the cycle" and jimmy williams an msnbc contributor. krystal, the fiscal cliff fight may be over but we heard many of them looking forward to a debt ceiling fight where medicare and taxes will be fought ov
RT
Jan 2, 2013 3:30pm EST
equation and the republicans which are due to come back into the next congress tomorrow the democratic counterparts. say that they're actually going to be tackling this side of the equation again in the next couple of months now the issue of the debt ceiling which is a u.s. pouring limit is something which congress needs to pass in the public says we're quite happy to hold this over the obama administration until they get the spending cuts that they want so there's a lot of political wrangling ahead and yet. nerve markets. while this right now see the u.s. markets reaction then as i say a new year round it is underway right now that is in reaction to the nor make his passing of the bill of those spending cuts and tax increases so we got a real sense of relief on the trading floors today really the same goes for europe as well which are those numbers out as well for you again we've got healthy positive gains and as far as europe's concerned stocks rallied to a twenty two month high and that's after the deal was struck immediately after so as far as the global equity markets are concerne
PBS
Jan 2, 2013 6:00pm EST
the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia blackburn of tennessee and 1 of her colleagues that voted against the bill. the stocks have had their best day in over a year. that might have been a different picture if the majority of
FOX
Jan 2, 2013 7:00am PST
the date ceiling. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. far worse than the impact of a fiscal cliff. >> reporter: and while things look good upon wall street today, investors say don't get used to it if congress remains so divided. live in washington, kyla campbell, ktvu channel 2 news. >> we have much more on last night's fiscal cliff vote on our channel 2 website. go to ktvu.com, click on the tab right there on the front page. >>> happening right now, some members of congress are now on the floor of the house of representatives calling for a vote on legislation to help the victims of superstorm sandy. those lawmakers are furious because the republican house leadership ended last night's session without voting on the sandy bill. new york congressman peter king calls it a cruel knife in the back. >> i have to go home this weekend and next week and the week after and see the hundreds and thousands of people who are out of their homes, who don't have shelter
PBS
Jan 2, 2013 2:30pm PST
. the u.s. government will hit what is known as the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia blackburn of tennessee and 1 of her colleagues that voted against the bill. the stocks have had their best day in over a year. that might
CNN
Dec 31, 2012 11:00am PST
. >> duown to the wire. if you thought the fiscal cliff snuck up on congress, the debt ceiling bill that triggered this to begin with was signed into law in 2011. we have known from that day forward this day would be upon us if nothing was done. and everyone in congress has known all along what it would take to avert the blanket tax hikes and spending cuts that are mandated to start in the new year. how much time is that, by the way? 517 days, or you can call it one year, four months and 29 days, or 73 weeks or 12,408 hours. you get the point. your political leader is engrossed in a colossal waste of time. the tax cuts were enacted for ten years starting in 2001 and then extended in 2010 for another two years, so we have had exactly 12 years notice on that front. this should not be happening. even with all that time, the best hope we are left with is a puny tiny partial deal that averts tax hikes for the majority of taxpayers. the sequester, which is a stupid name for a stupid thing, which results in mandatory cuts that nobody wants, looks like the decision will be kicked down the road t
CNN
Dec 27, 2012 4:00am PST
tim geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his condition is listed as guarded. his spokesman quotes him as saying i'm determined not to be dprumpy with all of this. >>> toyota has agreed to pay up in a major way, $1.1 billion to settle a class action suit over sudden acceleration issues. under the deal toyota will install a brake override system in effective cars. it will also set up a fund of $250 million for former toyota owners who sold their cars from september of 2009 through all of 2010. that money would compensate owners for their car's reduced v
MSNBC
Dec 27, 2012 2:30am PST
secretary tim geithner. he is now telling congress that the u.s. government will reach its borrowing limit by next monday, the 31st. remember how much fun the last debt ceiling fight was? well, that news comes as president obama rushes home to washington, cutting short his hawaiian vacation in order to resume talks on the fiscal cliff. there are just five days remaining to strike a deal. we'll get to all that in a moment, but first, we begin with a massive winter storm that made holiday travel miserable for millions of americans, including me! winter storm euclid -- what, are we naming snowstorms now? euclid. you can lid? well, euclid blanketed much of the eastern half of the country yesterday, dropping blizzard-like conditions and record snowfall in the midwest, and by late afternoon, euclid moved northeast, bringing traffic to a standstill, forcing the cancellation of more than 1,500 flights on one of the busiest travel days of the year. the weather channel's mike seidel has more on the massive christmas storm. >> reporter: a major snowstorm has dumped over a foot of snow across pa
FOX News
Dec 31, 2012 12:00pm PST
months when congress has to raise the debt ceiling to keep the country from default. trace? >>trace: thank you, wendell, from the white house. joining us now is columnist for the congressional newspaper "the hill." i have to go on what wendell says, if you are speaker boehner and you walk to the house of representatives members and say there is kind of a deal but no spending cuts. how does that fly? >>reporter: that is the problem. what you see are words of hope from the republican leader on the senate side how we are very close to what has to be fixed, the tax rates. he is trying to put a positive spin on that. we knew they would be fixed. the worry all along was, were we going to see a replacement for the draconian sequestration cuts everyone hated on both sides of the aisle for 17 months. here we are, in the final stretch, the 11th hour, surprise, both have given on the tax issue because neither could stand to go over the fiscal cliff, the tax cliff but that is giving of money, medicare fix, an alternative minimum tax patch, and more unemployment insurance checks, that is spendin
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